What I am hearing you say is, no reason to change anything. We will stay steady on the same course.

This hearing of the Congressional Oversight Panel is called to order.

Fannie and Freddie are pushing mortgages back to these large financial institutions because they say that the mortgages that were sold to Fannie and Freddie were not of the quality that they was represented.

I have a feeling I am going to hear the same answer, but let me just try it again with second liens.

I am sorry, Mr. Secretary. Just so we are all clear on this, the numbers about concentrations of commercial real estate come from the banks' examiners.

Do you have any concerns about what this means? Now we are doing commercial real estate. Now we are moving on to second mortgages?

The question is HAMP is designed to deal with families facing foreclosure.

Is that a successful program?

You designed it around servicers who--I wrote it down when you said it. Servicers have done a terrible job.

What is the metric for success?

Our latest reports have covered a great deal of territory from the Government's interventions in specific companies such as GMAC and AIG.